In the absence of a partnership agreement, the law says income/loss sharing should be based on:
A) A fractional basis.
B) Interest allowances.
C) Equal shares.
D) Salary allowances.
E) The ratio of capital investments.
Correct Answer:
Verified
Q47: Partners' withdrawals of assets are:
A) Debited to
Q48: When a new partner is added to
Q49: The legal relationship among the partners whereby
Q50: Disadvantages of a partnership include:
A) Unlimited liability.
B)
Q51: A partnership designed to protect innocent partners
Q52: If a partnership contract provides for interest
Q53: A bonus may be paid:
A) To a
Q55: A partner can withdraw from a partnership
Q56: A general partner in a limited partnership
A)
Q57: When a partner is unable to pay
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